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The British luxury brand specialising in shoes and accessories posted a 14.5% increase in revenue in 2016 with improving retail momentum mainly driven by its shoes division, which represents 75% of the company’s’ total revenue.
Celebrating its 20th year, Jimmy Choo’s preliminary results for the year ended December 31 2016 showed revenue up 14.5% with improving retail momentum in the second half of the year. Adjusted EBITDA in the period grew 15.7% to £59 million (US$72 million), driven by strong sales growth, margin improvement and lower growth in overheads, according to the report. Operating profit was up 42.6% in the year to £42.5 million (US$51.86 million).
The British brand reported continued strong growth in Asia, solid growth in Europe and Japan, and improving trends in the U.S. retail offset by the planned reduction in the country’s wholesale. “Wholesale revenue was impacted by reduced purchasing by USA department stores in the face of a slowdown of luxury footfall”, said the company.
In 2016, key new styles were launched in seasonal fashion and core ranges, with success reported for the brand’s luxury “Miami” trainers; made of calf leather uppers and produced in Spain, with various leather styles from classic white to metallic leathers. The men’s segment is said to remain the fastest growing category, now accounting for 9% of Jimmy Choo’s total revenue.
“2016 was a landmark year for Jimmy Choo. Not only did we successfully celebrate 20 years of heritage, but record revenues and profitability are testament to the growing appeal and strength of our brand”, said Pierre Denis, CEO, Jimmy Choo. “We will continue to deliver on our long-term strategy of growth through the creative and innovative development of our collections and the sustained expansion of our distribution network, particularly in areas such as Asia where we remain underpenetrated”, he added.